Dollar Drops After Geithner Says US Is Open to Idea of Global Currency...

[Bindare_Dundat]

The U.S. dollar fell to a session low against the euro on Wednesday after U.S. Treasury Secretary Timothy Geithner said he was "quite open" to China's suggestion of moving toward SDR-linked currency system.

Geithner was speaking before the Council of Foreign Relations in New York.

The euro [EUR-TN 1.3528 0.0062 (+0.46%) ] was last up against the dollar after going as high as $1.3649. It was trading at around $1.3495 when Geithner began speaking.

Earlier the U.S. dollar slipped against major currencies, despite a jump in U.S. durable goods orders, as investors continued to assess whether the U.S. plan to remove non-performing assets from banks was enough to revive the financial system.


http://www.cnbc.com/id/29866259

[Deicide]

The U.S. dollar fell to a session low against the euro on Wednesday after U.S. Treasury Secretary Timothy Geithner said he was "quite open" to China's suggestion of moving toward SDR-linked currency system.

Geithner was speaking before the Council of Foreign Relations in New York.

The euro [EUR-TN 1.3528 0.0062 (+0.46%) ] was last up against the dollar after going as high as $1.3649. It was trading at around $1.3495 when Geithner began speaking.

Earlier the U.S. dollar slipped against major currencies, despite a jump in U.S. durable goods orders, as investors continued to assess whether the U.S. plan to remove non-performing assets from banks was enough to revive the financial system.


http://www.cnbc.com/id/29866259

I guess this is the end of this long rally we had...

[Bindare_Dundat]

They are editing the story every 5 min.

[pumphard]

Geithner is a lying moron 

[Benny B]

The U.S. dollar fell to a session low against the euro on Wednesday after U.S. Treasury Secretary Timothy Geithner said he was "quite open" to China's suggestion of moving toward SDR-linked currency system.

Geithner was speaking before the Council of Foreign Relations in New York.

The euro [EUR-TN 1.3528 0.0062 (+0.46%) ] was last up against the dollar after going as high as $1.3649. It was trading at around $1.3495 when Geithner began speaking.

Earlier the U.S. dollar slipped against major currencies, despite a jump in U.S. durable goods orders, as investors continued to assess whether the U.S. plan to remove non-performing assets from banks was enough to revive the financial system.


http://www.cnbc.com/id/29866259

Geithner forgot to check with his boss. The president ruled that shit out last night.

[Soul Crusher]

Geithner forgot to check with his boss. The president ruled that shit out last night.

Good Cop - Bad Cop routine.

[wild willie]

here is the bottom line...... these guys are all too arrogant to make good decisions. Geithner can't even pay his taxes and he is going to get the economy dialed in and squared away?? I think this is like a car headed off the edge of a cliff. I could be wrong but we will definitely know in the next 2-3 months.

[Benny B]

here is the bottom line...... these guys are all too arrogant to make good decisions. Geithner can't even pay his taxes and he is going to get the economy dialed in and squared away??

Yeah, the nerve of this "uppity" president and an administration attempting to tackle the economic crisis! So smug! Who do they think they are, the government or something?

And Geithner didn't pay all of his taxes one year when he worked overseas...clearly that means he is incompetent in all matters! 

I think this is like a car headed off the edge of a cliff. I could be wrong but we will definitely know in the next 2-3 months.

Hopefully you'll be IN a car riding off of a cliff...TODAY. You are dumber than a box of rocks and in two or three months you'll be on to the next gimmick account.

[Soul Crusher]

Maybe you are too biased to understand this, but Obama does not have a mandate to end our nation.

[Benny B]

Maybe you are too biased to understand this, but Obama does not have a mandate to end our nation.

Which Rush Limbaugh talking point do you have for me that explains exactly how the "end of our nation" will  come about, my Warren Buffett-supporting friend?

[Soul Crusher]

Which Rush Limbaugh talking point do you have for me that explains exactly how the "end of our nation" will  come about, my Warren Buffett-supporting friend?

Add Krugman to your list.

Geithner and the budget office said they are open to another curreny being the reserve. 

This is getting crazy now. 

[Benny B]

Add Krugman to your list.

Geithner and the budget office said they are open to another curreny being the reserve. 

This is getting crazy now. 

Cool. You're a Krugman disciple too now...a republican in favor of nationalizing banks and a trillion more in fiscal stimulus. I love this shit.   Your love affair with these individuals is purely based on their offering criticism of President Obama, since that is all you do here. This will last until Obama's economic plan proves a success and Krugman, Buffett and others flip back to full praise of Obama. I guarantee Buffett will back off his criticisms because the market is coming back and even the financial stocks are recovering. That is all Buffett cares about.

America will accept a new world currency when Miami experiences a snow blizzard in July. Time and the growing power of emerging markets will determine who's currency will be considered the most stable, but for now that remains the U.S. of A., baby. Are you ready to put your nest egg in communist China's riminbi?  We'll go back to the gold standard before that shit happens.


A "shared world currency?" Perhaps, I am just not sure how that would work. However, that's different than saying the euro or the yen would become the reserve currency of choice.

[George Whorewell]

Benny with another well thought out and unbiased post laden with extraordinary logic. 

 How do you spend so much time sitting down typing on this website with Obama's dick that far up your ass?

[Bindare_Dundat]

audio is weak

I bet everyone at the Council of Foreign Relations was peeing themselves listening to this. Some might have even jizzed their pants.

[Benny B]

Benny with another well thought out and unbiased post laden with extraordinary logic. 

Thanks! It's quite rare a man of such low IQ comes to understand me. I am pleased that I have limited my vernacular to that even a primate of a "George Whorewell" can understand. 

How do you spend so much time sitting down typing on this website with Obama's dick that far up your ass?

How much time to you spend think up male-on-male sexual positions to masturbate to, "George?" I really don't want to know, but since you choose to share the thoughts of your disgusting fantasies...

[Benny B]

Like a Miami snowstorm in July...
BARACK Obama has defended the US dollar as "extraordinarily strong" and said there is no need for a new world reserve currency.
US rejects China's world currency call

President Obama Denounces  Global Currency

[Bindare_Dundat]

Who's begging who?

US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.

Clinton made the plea shortly before leaving China, the final stop on a four-nation Asian tour that also took her to Japan, Indonesia and South Korea, where she worked the crowds to try to restore America's standing abroad.

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

[Bindare_Dundat]

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.

http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html?nclick_check=1



Last month, Commerce reported that durable goods orders in January dropped 5.2 percent. Today, Commerce revised that figure -- after getting more complete data -- to determine durable goods orders  actually dropped 7.3 percent in January.

The prior month was revised to an 11.3% drop, previously reported as a 5.7% decline

http://money.cnn.com/2009/03/25/news/economy/durable_goods.reut/index.htm?postversion=2009032508


Mortgage applications surge 30%
Report says refinancing applications made up the bulk of last week's gain.  Refinancing accounted for 78.5% of all applications.

http://money.cnn.com/2009/03/25/real_estate/mortgage_applications.reut/index.htm?postversion=2009032507


Dow Logs Biggest One-Day Point Gain Ever, 13 Oct 2008
The Dow Jones Industrial Average snapped an eight-day losing streak, gaining 936.42, or 11 percent, to close at 9,387.61.

Today: 7,764.00

http://www.cnbc.com/id/27166818



Record number of Americans using food stamps: report
more than 31.5 million Americans used the program

http://www.reuters.com/article/domesticNews/idUSTRE4B28CB20081203

[Bindare_Dundat]

"China holds almost 30pc of the world's entire reserves. What they say matters,"

http://www.telegraph.co.uk/finance/e...s-markets.html

[Benny B]

Who's begging who?

Are you of the opinion that China is powerful enough to stop exporting their products to the U.S., just as their people are beginning to experience a burgeoning middle class and continuing tremendous growth? Is it really interest of Communist China to prolong the economic crisis, or to get their act together, stop acting like whiny bitches, and stimulate the import of Chinese goods.

If you believe the Chinese are already in a position to dictate economic policy to the U.S., I suggest you brush up on your Mandarin in time for you to get yourself a job over there BD. It appears you believe they are the future and that the future is NOW.  

[Benny B]

"China holds almost 30pc of the world's entire reserves. What they say matters,"

http://www.telegraph.co.uk/finance/e...s-markets.html

Cute picture, but the dollar remains king.    What China says matters, but it would matter much more when they could actually sell those reserves and not send their people back into starvation. China at this stage of development needs the U.S. as much as the U.S. needs China, if not more so.

But don't believe me BD, move to Shanghai NOW, before all the good real estate is gone and its too late for uneducated expats like you!

[Bindare_Dundat]

Cute picture, but the dollar remains king.    What China says matters, but it would matter much more when they could actually sell those reserves and not send their people back into starvation. China at this stage of development needs the U.S. as much as the U.S. needs China, if not more so.

But don't believe me BD, move to Shanghai NOW, before all the good real estate is gone and its too late for uneducated expats like you!

 I just posted articles to facts that are happening in the world, nothing more, nothing less.

[Benny B]

I just posted articles to facts that are happening in the world, nothing more, nothing less.

Damn, I really was hoping you were taking the literal "slow boat to China" to stay...permanently. 

[Bindare_Dundat]

Damn, I really was hoping you were taking the literal "slow boat to China" to stay...permanently. 

I'm fighting for you to Benny. One day you'll mature enough to understand and appreciate my efforts. 

[Benny B]

I'm fighting for you to Benny. One day you'll mature enough to understand and appreciate my efforts. 

Ha! If I get any more "mature" I'll be dead!